This is an interesting move by Bishop Smith. But note what he has not done, as requested by the vestries of all six parishes.
1) He is still insisting that the six priests have abandoned communion. He has not provided any documents or reports on which he and the standing Committee acted.
2) He has not responded to the parishes request to resort to the Panel of Reference.
3) He is again trying to make this a private matter between himself and the clergy. The letters from the vestry requested a meeting between the clergy, the bishops, the parishes, their legal advisor, and the bishops Chancellor. In the words of that letter: The goal of that meeting would be to affect adequate delegated Episcopal pastoral oversight by immediate resort to the Panel of Reference.
The bishop may have blinked, but he is still making no concessions.
From the comments section below in case you had not seen it.